President Trump's Latest Tariffs on Chinese Goods will Hurt Consumers

"We're going to get an outcome which forces China to behave in a way that if you want to be a power - a global power - transparency, rule of law, you don't steal intellectual property".

After accusing the U.S. of launching the "largest trade war in economic history", analysts worry Beijing could shift to threatened "qualitative" retaliatory measures, such as damaging United States firms in China or restricting the export of crucial items.

The white paper came as a fresh round of tariffs came into force against Chinese goods coming into the US.

Hong Kong stocks fell, while volumes across Asia were thinner than average due to holidays in the largest markets, China and Japan.The latest round of USA duties took effect just after midnight Washington time on Monday (midday in Beijing) on a list of products ranging from frozen meat to television components.

The U.S. also imports a lot of finished electronic goods from China and many are included in the tariff.

China has pulled out of trade talks with the USA in response and attacked the Trump administration's "trade bullyism" in a white paper.

The white paper blames US President Donald Trump's "America First" policy for torpedoing years of progress in settling differences through bilateral forums and exchanges.

News of Beijing's decision to skip the talks pushed China's yuan currency down 0.3 per cent on Monday in offshore trade, reinforcing investors' fears that both sides are digging in for a long fight.

While Vice Commerce Minister Wang said he still hopes "there is a way out" if both sides treat each other with sincerity, analysts say neither side looks to be in the mood to compromise in the increasingly bitter dispute, raising the risk of a lengthy battle that could chill the global economy by discouraging business investment and disrupting trade.

This week the United States sanctioned a Chinese military procurement organisation, drawing a sharp protest from Beijing and a decision to postpone planned military talks. Modems, routers, and switching and networking gear have not been exempted from this latest round of tariffs, a move that will hurt consumers, as the U.S. Customs and Border Control agency will not draw a distinction between equipment meant for consumer use and that meant for commercial use.

China opposes all U.S. military sales to Taiwan.

"With generic polls favoring the Democrats, they may feel that the trade environment may be less hostile after November 6", said ING's chief Asia economist, Rob Carnell.

Bloomberg reported that the China Daily, Beijing's official English newspaper, paid for a four-page advertising supplement on Sunday in the Des Moines Register - the largest newspaper in the politically important state of Iowa - that highlighted the impact of the trade war on soybean farmers.

The remark follows a string of inflammatory remarks from Chinese policymakers following the introduction of new tariffs on Chinese imports from the United States on Monday. Instead, it has warned of "qualitative" measures to retaliate.

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